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Targa Reaches New 52-Week High (NGLS)

Targa Resources Partners (NYSE:NGLS) hit a new 52-week high Tuesday as it is currently trading at $43.50, above its previous 52-week high of $43.48 with 33,589 shares traded as of 10:35 a.m. ET. Average volume has been 263,700 shares over the past 30 days.

NEW YORK ( TheStreet) -- Targa Resources Partners (NYSE: NGLS) hit a new 52-week high Tuesday as it is currently trading at $43.50, above its previous 52-week high of $43.48 with 33,589 shares traded as of 10:35 a.m. ET. Average volume has been 263,700 shares over the past 30 days.

Targa has a market cap of $3.82 billion and is part of the basic materials sector and energy industry. Shares are up 15.4% year to date as of the close of trading on Monday.

Targa Resources Partners LP provides midstream natural gas and natural gas liquid (NGL) services in the United States. The company operates in two divisions, Natural Gas Gathering and Processing, and Logistics and Marketing. The company has a P/E ratio of 21.6, equal to the average energy industry P/E ratio and above the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Targa as a buy. The company's strengths can be seen in multiple areas, such as its robust revenue growth, compelling growth in net income, good cash flow from operations, notable return on equity and solid stock price performance. We feel these strengths outweigh the fact that the company has had generally poor debt management on most measures that we evaluated. You can view the full Targa Ratings Report.